Filing Flows › Alcoa (AA) › Q2 2026 › vs Q1 2026
Alcoa (AA) Q2 2026 vs Q1 2026 (quarter over quarter)
Alcoa's revenue rose $773M (+24%) from $3.2B in Q1 2026 to $4.0B in Q2 2026. Operating margin 12.2% against 15.6% (-3.5 pts).
Alcoa, Q2 2026: revenue $4.0B (+31% year over year), operating margin 12.2%, net earnings $407M, operating cash flow $608M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 12.2% | 15.6% | -3.5 pts |
| Net margin | 10.3% | 13.3% | -3.0 pts |
| Free cash flow margin | 10.6% | -9.3% | +20.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $4.0B | $3.2B | $773M | +24% |
| Operating profit | $482M | $499M | −$17.0M | -3% |
| Costs & expenses | $3.5B | $2.7B | $790M | +29% |
| Pre-tax earnings | $482M | $499M | −$17.0M | -3% |
| Cost of revenue | $3.0B | $2.5B | $455M | +18% |
| Research & development | $11.0M | $10.0M | $1.0M | +10% |
| SG&A | $101M | $83.0M | $18.0M | +22% |
| Other operating costs | $405M | $89.0M | $316M | +355% |
| Net earnings | $407M | $425M | −$18.0M | -4% |
| Minority interests | $2.0M | −$8.0M | $10.0M | — |
| Income tax | $73.0M | $82.0M | −$9.0M | -11% |
| Depreciation & amortization | $173M | $162M | $11.0M | +7% |
| Share-based compensation | $17.0M | $13.0M | $4.0M | +31% |
| Working capital & other | $11.0M | −$779M | $790M | — |
| Operating cash flow | $608M | −$179M | $787M | — |
| Free cash flow (OCF − capex) | $422M | −$298M | $720M | — |
| Capital expenditures | $186M | $119M | $67.0M | +56% |
Questions
How much did Alcoa's revenue grow quarter over quarter in Q2 2026?
Alcoa's revenue rose $773M (+24%) from $3.2B in Q1 2026 to $4.0B in Q2 2026. Operating margin 12.2% against 15.6% (-3.5 pts).